It's tough to say where Spitzer's authority begins and ends.

They take the growth at a reasonable price approach and buy things that are undervalued, not companies that are going down the toilet.

Oftentimes that is a formula for decay, but Pannell has been able to make that work.

Our overall assessment has been that in general these have not been particularly attractive investments.

He came in to clean things up and we have found him to be a pretty straight shooter.

We are seeing a lot of managers, especially those for whom valuation is really important . . . build up cash stakes that are higher than historical averages. It's something we are seeing some very good managers do right now.